Zhou Chuang and Zhou Ronggen entered into the Equity Purchase Agreement to acquire entire equity interest in the Shanghai Chaus Electrical Co Ltd from Solartech International Holdings Limited for CNY 17.25 million.

Zhou Chuang and Zhou Ronggen entered into the Equity Purchase Agreement to acquire entire equity interest in the Shanghai Chaus Electrical Co Ltd from Solartech International Holdings Limited (SEHK:1166) for CNY 17.25 million on March 15, 2023. In the related agreement Zhou Chuang will acquire 70% interest for CNY 12.075 million and Zhou Ronggen acquire 30% interest for CNY 5.175 million. For the year ended, December 31, 2022, Shanghai Chaus Electrical Co Ltd revenue is CNY 0.230 million and net profit after tax is CNY -1.693 million.

Completion of the Disposal is subject to due diligence and approval from government or regulatory authorities.